The group said that the performance marks the ‘first step towards delivery of a multi-year turnaround commitment’, with its organic revenue growth demonstrating ‘ongoing stabilisation’.

The period saw Aryzta complete a €740 million capital raise, to strengthen its balance sheet, as well as launch Project Renew, a new strategic plan with which the group hopes to deliver cost savings.

Focus On Stability

“The result in H1 2019 is consistent with our focus on stability. This performance represents a first step towards the delivery of our multi-year turnaround commitment,” commented chief executive Kevin Toland.

“We are developing a unified, cohesive Group with a singular focus on our core strengths within a growing frozen B2B bakery market. Project Renew will enhance both our operating efficiency and our competitive position and in H1 2019 already delivered the expected level of savings.”

Looking ahead to the full year, Aryzta said that it is ‘on track’ to deliver within its previously guided range.

“Our focus on delivering excellence for our customers every day will also contribute to performance and, in time, growth,” Toland added.